Namaste Technologies' CannMart wins cannabis supply order from BC Liquor Distribution Branch

Namaste Technologies Inc (CVE:N) (OTCMKTS:NXTTF) subsidiary CannMart has received an order for pre-rolled cannabis from the British Columbia Liquor Distribution Branch (BCLDB). 

The deal means CannMart products will be available at government-run BC Cannabis Stores and licensed private retailers, the company said in a statement Monday.

The BCLDB is the only organization allowed to purchase and import alcoholic beverages in British Columbia because of the province’s public-private partnership. 

“This is a major milestone for Namaste as it is the first order that we have received from a government agency,” Namaste CEO Meni Morim said in the statement.

READ: Namaste Technologies introduces Cultivated Beauty’s hemp-based skincare products through CannMart

“Our unique positioning with Cannmart — which enables us to offer a selection of products from multiple licensed producers, some of which may only have a cultivation license — allows provincial distributors the opportunity to purchase a diversified inventory all in one place,” Morim said.

Investors agreed, sending shares of Namaste 12% higher Monday to C$0.55 on the TSXV and more than 11% to US$0.41 on OTC Markets.

The Toronto-based company said it was in discussion with additional provincial agencies in order to expand its customer base.

—Updated to include stock movement—

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Story by ProactiveInvestors